Crude Oil Movement
Crude Oil prices declined 0.67% against the USD for the 24 hour period ending 23:00GMT, closing at 97.24 after the American Petroleum Institute (API) reported that the US crude inventories rose by 229,000 barrels for the week ended 08 August to 364.2 million. The crude prices came under further pressure after the International Energy Agency (IEA) slashed its global oil demand forecast for 2014 by 180,000 barrels per day to 1.0 million. The IEA also reported that the Organization of the Petroleum Exporting Countries’ (OPEC) output rose to a five-month high of 30.44 million bpd in July.
In the Asian session, at GMT0300, Crude Oil is trading at 97.19, 0.05% lower from yesterday’s close.
Crude oil is expected to find support at 96.71, and a fall through could take it to the next support level of 96.23. Crude oil is expected to find its first resistance at 97.77, and a rise through could take it to the next resistance level of 98.35.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
